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FOMO Moments
When crypto markets start to fall they fall fast. The past five days have seen a slow downtrend forming which accelerated in the last few hours. Total market capitalization is once again below $420 billion and falling. Key support for Bitcoin at $9k was broken and it has dropped almost 4% on the day to trade at $8,980 with further declines looking likely. In a time tested formula altcoins have all been battered by greater percentages during Asian trade this morning. Everything in the top 25 is in the red at the moment so we have to go beyond it to find a green coin and currently it is 0x.
This is the first time we have featured ZRX and it has been on a charge since the beginning of April. Coinmarketcap is reporting a 3.2% gain for this altcoin which is impressive when everything else is falling hard. At the time of writing 0x is trading at $1.82, up from $1.75 this time yesterday, a small gain but a gain nonetheless. Over the past week this altcoin has gained over 20% from $1.50 this time last Friday. Monthly gains have been very good with ZRX surging 225% from $0.56 the same time last month. Against Bitcoin it has made 7.6% on the day to trade at 20320 satoshis from just under 19000 sats this time yesterday. Over the week gains against BTC have been a solid 34% from 15500 satoshis the same time last week.
The 0x project is something that the crypto industry is crying out for – a decentralized exchange. It is an open permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain according to the website. No announcements have been made on the company blog or twitter feed to drive the current gains and prevent this coin falling with the rest.
At the moment Binance is driving the trade action with around 56% of the total volume which has almost doubled over the past 24 hours from $43 million to $82 million. ZRX is currently outside the top 25 at 29th position with a market cap of $960 million. There are 1 billion tokens supplied with just over half of them currently circulating.
Total crypto market capitalization has fallen this Friday and Asia is driving the selloff. A drop of 4.6% has occurred and it is currently at around $416 billion. A fall below $400 billion will signify another strong bear market but if markets can recover back to over $440 billion the bulls could be in control again. All other altcoins have fallen this morning but ones that have suffered the smallest losses include Ethereum, EOS, and VeChain.
More on 0x can be found here: https://0xproject.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
